SEC’s Q2 2019 CMC meeting to focus on Fintech roadmap, master plan initiatives among others

The agenda for the Securities and Exchange Commission’s (SEC) second quarter (Q2) capital market committee (CMC) meeting has been announced.

A statement from the SEC made available to business a.m noted that the meeting scheduled to hold from Thursday August 22 to Friday August 23, 2019 at the Eko Hotels and Suites, Victoria Island, Lagos, will address issues bordering on Financial Technology (Fintech) roadmap among other issues.

“Key stakeholders in the capital market, will at the meeting, deliberate on issues bordering on the implementation of the ten year capital market master plan as well as others relating to the capital market, Fintech Roadmap and the economy whilst the outcome will be made known to the media,” the SEC’s statement partly read.

It explained that the ten-year master plan for the Nigerian capital market which is expected to refocus the market and help double its size over time and grow the economy was unveiled November 2014.

Armed with the aim of attracting more investors to the market, the Commission has already implemented some initiatives in the master plan.

Some of the initiatives, include direct cash settlement, regularisation of multiple subscription, dematerialization and e-Dividend Registration, as they promote transparency, protect and enhance investors’ confidence in the capital market.

To this end, the SEC pleads with shareholders in the entire market to take advantage of the initiatives introduced in the capital market aimed, primarily, at strengthening the market and accelerating economic development.

This, the SEC said is in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhanced productivity.

SEC said the stakeholders will meet on August 22, while members of the media would be briefed on the meeting outcome August 23. Advising that admission into the venue would be upon presentation of the CMC identity card and strictly by invitation.

The SEC further noted that attendance to both events is strictly by invitation, and invited participants are expected to come with their identity cards to be admitted into the venue as all invited participants are expected to be seated by 9.45am.

The CMC was mainly established to serve as a medium for exchange of ideas among market stakeholders as well as for feedback to SEC on how to continuously improve the market activities and regulation.

It is an industry-wide committee comprising members of the commission, representatives of capital market operators and trade groups and other stakeholders. The CMC meets every quarter to deliberate on various issues affecting the market and other policy matters.

Those who have been invited to attend the expanded session are Chief Executive Officers (CEOs) of all registered capital market firms (i.e Broker Dealer, Capital Market Solicitors, Custodians, Fund Managers, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Consultants, etc.);

Others are Chief Executive Officers of The Nigerian Stock Exchange (NSE), National Association of Securities Dealers (NASD), The Financial Markets Dealers Quotations (FMDQ), Africa Exchange Holdings (AFEX), Nigeria Commodity Exchange (NCX), Central Securities Clearing System (CSCS), Chartered Institute of Stockbrokers (CIS); as well as representatives of relevant financial services’ agencies, among others